Loans

Is Wongaland between Wogistan and Bogo Bogo Land?

We have heard about Wogistan and then Bongo Bongo Land, but what on earth is Wongaland?

Britain has an “Alice in Wongaland” economy in which people are taking out payday loans and raiding their savings to fuel shopping sprees.

Retail figures, published by the Office for National Statistics this morning, are expected to show that people are returning to Britain’s High Streets.

Experts have said that the warm weather, increased consumer confidence and the “feel good factor” created by the Royal Wedding stimulated growth.

However Ann Pettifor, of Prime Economics, warned that the improved figures were fuelled by debt and will ultimately prove to be “unsustainable”? Read more »

Richard Meadows responds

Earlier today I posted about student loans and why interest free student loans need to go. The author of the source article has emailed a response.

For whatever reason my comments are not being published on the blog – I would be surprise if you censored my mild response so perhaps there’s some glitch. [WO: It was a glitch, comments are now enabled]

Re:student loans. Your post is a bit of a misfire – we seem to hold similar views.

I have written extensively about the student loan scheme and concluded that there has to be some kind of interest rate reintroduced.

I urge you to read this previous article which I linked to in the one you have attacked:

Here’s a sample quote:

“Students have now been sucking on the election lolly for more than six years. One thing’s for sure – it will be a bitter pill to swallow.”

I myself have a reasonable sized student loan and would be perfectly happy to pay interest on it.? Read more »